The big news today isn't the post-debate polling, nor the relatively tame inflation report. The big news is that the stocks appear to be early in a new leg down across all all major indices, SPY, IWM and QQQ. Comments below charts. SPY 2-Day SPY 2-Day showing an early warning Sell Signal, but not yet confirmed with a big arrow down. IWM IWM looks to be leading the market lower. A close below the Wave (2) channel up from late 2023 would be initial evidence of a Wave 3 of (3) down asserting. QQQ Daily The decline from last week's Wave ii high is reminiscent of the drop from mid-July into Aug 5th lows. If same pattern unfolds into expiration, the Sep 20th puts will go off the board deep in the money. Trigger: Close below short-term trendline. Premium Service Stock Index Options Use hard stop < -50% from entry; if stopped, be ready to go back in on subsequent breakdown as per intraday Alerts in days ahead.
